IRS also announced that tax payers can expect smaller refunds this year. This is in large part due to the elimination of COVID era credits and refunds which have not been extended for the 2022 filing season.
People with dependents will see a large decrease in the amount of credits they are eligible for as the child tax credit has been reduced back down to pre-2020 levels.
Read our Newsletter for more information on these and other topics you won’t want to miss this tax season.
As always, please Contact Us if you have any questions about how you can save on taxes.
Thanks,
Chris Nash
Certified Public Accountant
https://nashgroupcpas.com/wp-content/uploads/2023/01/2023_tax_news_and_industry_updates_vol_11_iss_1.pdf